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Earnings Per Share

9 Months Ended

Sep. 30, 2019

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2019					2018
Basic:	Income			Shares		Income			Shares
Net Income	$	11,119			16,610	$	12,290			16,394
Preferred Dividend		(30	)				(36	)
Earnings Applicable to Common Stock	$	11,089			16,610	$	12,254			16,394

Basic EPS	$	0.67				$	0.75

Diluted:
Earnings Applicable to Common Stock	$	11,089			16,610	$	12,254			16,394
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		—			32		6			41
Adjusted Earnings Applicable to Common Stock	$	11,106			16,757	$	12,277			16,550

Diluted EPS	$	0.66				$	0.74

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2019					2018
Basic:	Income			Shares		Income			Shares
Net Income	$	25,818			16,520	$	25,459			16,379
Preferred Dividend		(102	)				(108	)
Earnings Applicable to Common Stock	$	25,716			16,520	$	25,351			16,379

Basic EPS	$	1.56				$	1.55

Diluted:
Earnings Applicable to Common Stock	$	25,716			16,520	$	25,351			16,379
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		12			38		18			41
Adjusted Earnings Applicable to Common Stock	$	25,778			16,673	$	25,419			16,535

Diluted EPS	$	1.55				$	1.54